Things to Know Before Selling Your Gold

To sell your gold for the best price, shop around. Visit a few reputable jewelry buyers. Beware of rogue buyers and examine the fine print of the contract.

Today, selling gold has become so much easier but riskier as well. The prices have hit a record $1, 770*per ounce. As uncertainty and fear continues to face the financial market all over the globe, dealers are more than ready to pay top dollar for all they can lay their hands on. There are now more choices and options of selling than ever before. Whether you sell your precious metal online, at a local jewel store or via a pawnshop, it is vital to be careful to get its full value.

stack of gold coins
When you sell your gold, make sure you get the best price and be careful of rogue buyers.

Here are three things you need to know before selling:

1. Shopping around

The first rule of buying and selling is to shop around. Regardless of where you will end up selling, it is best to start locally. Visit a reputable jeweler in your local area and ask him or her to estimate its value. That way, you will have an idea of how much your gold is worth when soliciting online bids as well as other offers. This will help you to know and tale a good deal when you see it. You can visit three or four local jewelers before you start making your bid.

2. Be aware of rogue buyers

Experts warn amateur gold sellers to beware of passing buyers. Such buyers are rogue buyers who make come to your town, set up a shop, run ads and promise to give you high prices. However, once they have collected all the gold from the consumers, they pack their bags and leave town, leaving the sellers unpaid or underpaid. It is best to sell at trusted online stores where you are sure they are not going anywhere and will give you value for your metal.

3. Examine the fine print

Before you make any deal with gold buyers, it is important to examine their terms and conditions. These are often disclosed in small writing on the bottom of the document or website to discourage you from reading. It is also vital to check the policies of the buyer and see if they are favorable. You can make costly mistakes if you ignore the fine print. For instance, some sites may offer free shipping when sending in your gold but charge very high rates if you ask them to return them.

  • August 2018 price, $1,200

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